Pimco's Gross: Rates to Stay Low for Long Time

The market expects that the fed-funds rate will be a percentage point higher by late 2015. "Bet against that,'" writes Bill Gross.

(Editor's Note: This is an excerpt of the latest monthly article written by Gross, the founder and co-chief investment officer of Pimco. A full version of this piece is available on the Pimco Website.)

A few days before the [Federal Reserve's] September meeting, I tweeted that the Fed would "tinker rather than taper," which was close to the end result, but still not totally accurate. They refused to budge, with an...